After the court identifies and values the marital property, it will proceed with an equitable distribution. Keep in mind that “equitable” does not always mean a 50/50 split. Once the divorce is finalized, the division of property cannot be changed.
The court uses several principles when determining how to fairly divide property, including: (1) transmutation, and (2) co-mingling.
Transmutation: This refers to the process where property originally considered separate becomes marital property, or vice versa. The court will look at the intentions of the parties involved to make this determination. For example, if one spouse inherited property and the couple later treated it as marital property, the court may apply transmutation to assess the property’s status.
Co-mingling: Co-mingling occurs when separate property is combined with marital property to the extent that it becomes impossible to distinguish between the two. In such cases, the court will try to trace the property’s origins to maintain its original classification.
Factors Considered for Equitable Division:
When dividing marital property, the court will consider a variety of factors, such as:
- The length of the marriage;
- Previous marriages of either party;
- The age, health, skills, earning potential, debts, and financial needs of both spouses;
- Contributions made to each other’s education;
- Future needs for acquiring capital or income;
- The income, medical needs, and retirement plans of both parties;
- Contributions to the increase of marital property;
- The value of each party’s separate property;
- The reduction in value of marital property by one spouse;
- The standard of living enjoyed by the couple;
- Custody arrangements for minor children.
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